NY highest in US, London globally for parking fees
NEW YORK (AP) — It's not just Manhattan apartments that are expensive — so are the parking spaces.
An annual survey of parking rates across the country found that midtown and downtown Manhattan are the most expensive places in the U.S. to put your car.
The survey from Colliers International released Thursday found that the median monthly rate is $541 in midtown and $533 downtown. That's more than three times the national average of just over $155.
That New York City leads the pack in parking prices is nothing new, said Ross Moore, chief economist for Colliers. "New York has always been head and shoulders above every other city," he said.
It's difficult to build new parking garages, he said, because any land that could be used for a garage would more likely be used for something more profitable, like condos or office space.
Other cities with expensive monthly parking rates include Boston, San Francisco, Philadelphia and Seattle. On the low end of the scale were places like Reno, Nev., where the median monthly rate is $45, and Phoenix, at $50.
Ross said rates have been more or less flat in the last couple of years across the country because of the overall economic downturn. The survey found the national rate decreased 0.2 percent from 2010.
But New York City parkers can at least be glad they're not in London. The survey found the most expensive monthly parking rate in the world there, at $1,084.
Other European cities also had high rates, including $882 in Zurich and $719 in Rome. In Asia, rates hit $745 in Hong Kong and $744 in Tokyo.Eds: Adds detail, quotes from economist.